Category: January 2017

Oilfield services provider Baker Hughes Inc, which is being acquired by General Electric Co , said crude oil prices would need to rise by roughly another 15 percent to spur producers to spend more on drilling outside North America. Oil prices in the mid- to upper-$50s-per-barrel range would encourage North American producers, while prices above $65 per barrel would coax international producers to boost spending, Chief Executive Martin Craighead said. U.S. crude oil futures were at nearly $54 per barrel…

Oil prices slipped on Friday, extending losses after data suggested drilling is ramping up in the United States, easing the focus on efforts by OPEC and other producers to support prices by cutting supplies. U.S. West Texas Intermediate (WTI) crude futures settled down 61 cents, or 1.1 percent, to $53.17 a barrel, but ended the week 1.4 percent higher. Brent crude futures, the international benchmark for oil prices, were down 75 cents, or 1.3 percent, at $55.49 per barrel at…

Jobs in Texas’ oil and gas industry rose at the end of 2016 for the first time in more than two years, another sign that the long-awaited recovery in the state’s energy sector is gaining traction. Texas added an estimated 3,000 oil and gas jobs in November and December, after shedding more than 100,000 during the industry downturn that began in mid-2014, said Karr Ingham, an economist who studies the state’s oil and gas sector. “For the first time in…

It could take more than a political standoff between President Donald Trump and Mexico to keep U.S. shale gas from flowing south. While Mexico works to reverse declining oil and gas production, the nation’s burning record amounts of natural gas pulled from tight-rock formations north of the border. Pipeline deliveries of the fuel from the U.S. have more than doubled in the past two years, and Mexico’s now tied with Chile as the biggest buyer of tanker shipments of U.S. liquefied…

SINGAPORE, Jan 25 (Reuters) - Oil edged lower on Wednesday, snapping four sessions of gains as an increase in U.S. inventories weighed on the market, offsetting bullish momentum from production cuts announced by OPEC and other producers. U.S. West Texas Intermediate (WTI) crude futures had fallen 19 cents, or 0.3 percent, to $52.99 a barrel by 0022 GMT. Brent crude, the international benchmark for oil prices, was yet to start trading. Weekly inventory data from the American Petroleum Institute showed…

“My God, this is going to be refreshing," Kelcy Warren, the Texas billionaire behind the controversial Dakota Access pipeline, said days after Donald Trump swept to victory. As the industry digests the newly elected president’s push to get two stalled pipeline projects moving again -- with some caveats -- oil and natural gas producers are preparing for even more quick policy turns from the administration. High on the wish list is expanded access to drilling on federal lands and offshore…

Jobs in Texas' oil and gas industry rose at the end of 2016 for the first time more than two years, another sign that the long-awaited recovery in the state's energy sector is gaining traction. Texas added an estimated 3,000 oil and gas jobs in November and December, after shedding more than 100,000 during the industry downturn that began in mid-2014, said Karr Ingham, an economist who studies the state's oil and gas sector. "For the first time in three…

Natural gas prices are rising for the first time in years, as a colder-than-average winter remains in the forecast and energy companies are withdrawing more natural gas from storage. Analysts expect that natural gas spot prices will average $3.55 per million British thermal units in 2017 and $3.73 in 2018, up from 2.51 in 2016. If the colder winter forecast holds, it would be the first rise in average natural gas prices since 2014. Natural gas prices in 2016 were…

Despite blizzard conditions, military veterans march in support of the "water protectors" at Oceti Sakowin Camp on the edge of the Standing Rock Sioux Reservation on December 5, 2016 outside Cannon Ball, North Dakota. Over the weekend a large group of military veterans joined native Americans and activists from around the country who have been at the camp for several months trying to halt the construction of the Dakota Access Pipeline. Yesterday the US Army Corps of Engineers announced that…

Shale remains a real danger: Expert Sunday, 22 Jan 2017 | 6:35 PM ET | 03:10 Oil prices are edging up in Asia on Monday after the Organization of the Petroleum Exporting Countries said it was near its target of cutting 1.8 million barrels of crude oil a day, two months after committing to the deal. Early in Asia, benchmark U.S. West Texas Intermediate crude oil futures were 0.1 percent higher at $53.27 a barrel while international benchmark Brent crude oil…